- We raise our target price (TP) for LPB by 12.0% to VND14,900 but maintain our UNDERPERFORM rating. We believe LPB’s valuation is demanding at a 2024F P/B of 1.2x - equal to the peer median, but with a lower 2024F ROE of 15.8% vs the peer median of 18.7%. 

- Our higher TP is driven by a 33% aggregate increase in our forecast for 2024-2028 NPAT-MI (with respective increases of 46%/44%/35%/28%/25% in 2024/25/26/27/28F). 

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